Intermediate Double-entry Accounting

Test your Intermediate-level Double Entry Accounting skills in Accounting Principles Standards. This timed assessment evaluates your expertise in Accounting.

Duration: 5 minutes

•40 questions

Time Remaining: 05:00

Progress: 0%

40 questions remaining

Question 1 of 40Assessment

The owner of a sole proprietorship withdraws $1,000 cash for personal use. What is the correct entry to record this transaction?

A. Debit Salary Expense $1,000; Credit Cash $1,000

B. Debit Owner's Capital $1,000; Credit Cash $1,000

C. Debit Owner's Drawing $1,000; Credit Cash $1,000

D. Debit Retained Earnings $1,000; Credit Cash $1,000

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